SOURCE: Lateegra Gold Corp.

Lateegra Gold Corp.

September 09, 2009 09:00 ET

Lateegra Acquires Additional Timmins Belt Properties

VANCOUVER, BC--(Marketwire - September 9, 2009) - Lateegra Gold Corp. (the "Company") (TSX-V: LRG) is pleased to announce the acquisition of an 80% interest in additional mineral claims in the Timmins area of Ontario. The Whitesides property, consisting of 43 mineral claims (565 claim units), covers a total of approximately 11,300 acres located 24kms west-southwest of Timmins, and approximately 10kms northwest of the Lake Shore Gold, "Timmins West Deposit."

In addition, the Company has signed an agreement to acquire 3 additional mineral claims southwest of Timmins, Ontario, referred to as the Victoria East and Victoria West claims. The claims, consisting of 37 claim units, cover an area of approximately 1,480 acres. The Victoria East claims, consisting of 15 claim units, are located in Price Township between the Company's previously announced Price and Ranger properties (see NR's July 20, 2009, July 28, 2009 and Aug 7, 2009). The Victoria West claims, consisting of 22 claim units, are located between the Company's Thorneloe-Price claims (see NR Aug 27, 2009) to the south, and the West Timmins Mining property to the north, in Thorneloe Township. The West Timmins property on the northern border is currently the subject of extensive exploration and drilling activities.

The Whitesides Property has been acquired from arms length Vendors. Acquisition costs are a total of $10,000 and 1,500,000 shares as follows: $10,000 paid on signing of the agreement; 500,000 shares of the Company on Exchange approval; 500,000 shares of the Company six months after signing of the agreement; 500,000 shares of the Company 12 months after signing of the agreement. The Company must also incur a minimum of $280,000 in qualified exploration expenditures on the property in each of the first three years of the agreement. The Vendors will retain a three percent Net Smelter Royalty ("NSR"), of which one and one-half (1.5%) percent can be purchased by the Company for $1,000,000, leaving the Vendors with a one and one-half percent NSR. A finders fee will be payable on this transaction in accordance with TSX Venture Exchange policy.

The Victoria properties have also been acquired from arms length Vendors. Acquisition costs are a total of 100,000 shares of the Company on Exchange approval. The Vendor will retain a two and one-half percent Net Smelter Royalty ("NSR"), of which one-half percent can be purchased by the Company for $1,000,000, leaving the Vendors with a two percent NSR. A finders fee will be payable on this transaction in accordance with TSX Venture Exchange policy. The agreement is subject to the approval of the TSX Venture Exchange.

ON BEHALF OF THE BOARD OF DIRECTORS

"Peter Dickie"
Peter Dickie, Director

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

Cautionary note: This report contains forward-looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. The company has not filed a National Instrument 43-101 report on any property, but will do so as soon as the information is available. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward-looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.

Contact Information

  • Contact:
    Lateegra Gold Corp.
    Suite 1128 - 789 West Pender St.
    Vancouver, B.C., Canada V6C 1H2
    Tel: 604-669-9330
    Fax: 604-669-9335
    Toll Free: 1-866-669-9377
    www.lateegra.com
    email info@lateegra.com